Acompany can best accomplish diversification into new industries by:

(a) outsourcing most of the value chain activities that have to be performed in the target business/industry.
(b) acquiring a company already operating in the target industry, creating a new business from scratch, or forming a joint venture with one or more companies to enter the target industry.
(c) integrating forward or backward into the target industry.
(d) shifting from a strategic group comprised mostly of single-business companies to a strategic group comprised of diversified companies.
(e) employing an offensive strategy with new product innovation as its centerpiece.